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Bitzo 2025-02-01 16:51:56

Elon Musk’s Dad Joins the Meme Coin Craze with "Musk It"

Elon Musk’s Dad Joins the Meme Coin Craze with "Musk It"

Elon Musk’s father Errol Musk has become the latest figure to hop on the meme coin bandwagon, announcing his involvement with a meme coin project called “Musk It.” Musk It is a meme coin built on the Solana blockchain. Errol aims to raise between $150 million and $200 million to fund a think tank known as the Musk Institute. Errol Musk Backs a New Meme Coin Errol Musk has revealed his participation with the Solana-based meme coin, Musk It (MUSKIT). He is targeting a fundraising goal of $150 to $200 million to establish a profit-driven think tank called the Musk Institute. When asked about leveraging his son Elon Musk's reputation, Errol expressed indifference, declaring, “I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.” The coin, Musk It, was initially introduced by a Middle Eastern firm in December 2024 as a pump-and-dump token, leading to a sharp decline in its value post-launch. But with backing from Errol and his associate, technology consultant Nathan Browne, its price skyrocketed to an unprecedented $0.09. Browne emphasized their commitment to preventing the project from being merely a pump-and-dump scheme. Nonetheless, the financial details and token distribution of Musk It remain somewhat ambiguous, lacking a transparent plan or breakdown. Meme coins are notorious for their unpredictability and sudden price fluctuations, but Errol asserts that this token has a meaningful mission: to support the Musk Institute. He envisions the institute as a center for cutting-edge engineering projects, including flying cars. While Elon Musk has dedicated years to advancing rocket technology with the aim of making humans a multi-planetary species, Errol believes there are frontiers beyond rockets. “We need to go beyond rockets.” A Tense Family Dynamic Despite the Musk name being used for the meme token, Elon Musk has no ties to the project. Errol Musk has been described by his biographer as a "charismatic fantasist" who complicates Elon’s life. The relationship between Errol and Elon has deteriorated over time, with Elon accusing his father of being a terrible person, claiming, “almost every possible crime you can possibly think of, he has done.” Errol, however, disputes these allegations and mentioned that Elon recently showed interest in Musk It after learning about it through the media. Elon Musk and the World of Meme Coins Elon Musk is well-acquainted with meme coins, though he has yet to launch his own. His name is frequently linked with Dogecoin (DOGE), and he has even enabled DOGE payments at Tesla’s online store. Despite his long-standing connection to DOGE, Musk has resisted the temptation to release a token named after himself, a route taken by other celebrities and even former President Donald Trump. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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